Special Government Home Renovation Loan Program using FHA 203K Home Loans in Grand Prairie Texas.
Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.
Items such as a hot tub and a swimming pool are not allowed by this FHA loan program. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.
This loan program has many advantages but one of the biggest is that you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, which is a government guarantee loan instead of two separate loans (which are always higher interest rates).
A 203K Loan is the name of this FHA loan program as defined by the Federal Housing Administration. You can find information on the FHA website located here:
Lenders have to be approved by HUD in order to do this loan program. It is important that you go with a lender that offers in house underwriting and expertise instead of a mortgage broker due to the intricacies of the loan program and to avoid long delays that brokered loans in this niche create.
There are two types of loan programs within the FHA 203K Home Loans in Grand Prairie Texas. 1. A streamline 203K loan. There can't be any structural improvements on a 203K Streamline loan and the dollar amount is generally lower for a 203K streamline loan. Other than basic cosmetics and various other items. are allowed on a streamline 203K Rehab loan. A Full 203K loan is the second type of a 203K loan. The full 203K loan offers the ability for the home owner to renovate or rehab their property including structural improvements, like doing foundation work or adding another room, etc.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan which could allow you to remodel your existing home or give you more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using FHA 203K Home Loans in Grand Prairie Texas or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.com to request more information.
Joy originates loans all over the state of Texas.